Breaking News in association with Money AM

Friday, 20th November 2009

FTSE ends modestly lower as holiday companies slump

5:02pm
END-OF-DAY REPORT: Headline shares ended the session modestly lower, as a stronger dollar hit base metals prices, turning miners weaker, and with holiday companies tumbling following broker downgrades.

At the close of play, the FTSE100 was down 16.29 points at 5,251.41 with the FTSE250 off 69.3 points at 9,167.6 and the FTSE Smallcaps 13.94 points weaker at 2,790.68.

NEW YORK

US stocks were moderately lower in late morning trade with technology stocks again leading the decline, and a rising dollar hitting commodity plays.
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FTSE turns lower midday as holiday companies tumble

12:47pm
MIDDAY REPORT: Headline shares retreated in midday trade as a strengthening dollar hit base metals prices, sending the heavyweight miners lower, and with holiday companies tumbling following broker downgrades.

At high noon, the FTSE100 was down 17.89 points at 5,249.81 with the FTSE250 off 61.2 points at 9,175.7 and the FTSE Smallcaps 1.19 points weaker at 2,803.43.

NEW YORK

US stock futures suggest a cautiously lower start, investors' spirits dampened by poor returns from Dell.

Dow Jones Industrial Average futures dropped...

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Broker News

12:02pm
Home Retail has been cut to hold from buy at Investec, but the target price stays at 350p, while Kingfisher has been downgraded to sell from hold by the same broker, keeping the 218p target.

ASOS lowered to hold from buy at Investec with target cut to 410p from 430p.

Aegis downgraded from buy to accumulate at ODDO and from buy to hold at Investec.

British Airways cut to hold from buy at Day by Day.

Cable & Wireless upgraded to overweight from neutral at JP Morgan, target...

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Nationwide cautious

12:02pm
Nationwide Building Society said despite challenging market conditions, it has delivered an underlying half-year profit of £117m, with costs down 6% on a like-for-like basis.

The BS said it maintained a well capitalised and liquid balance sheet with a Core Tier 1 capital ratio of 12% and showed a core liquidity ratio of 12.9%.

Nationwide said reported profit before tax shown of £143m has been adjusted for the movement in the value of derivatives and hedge accounting of £15m, a credit of £1m in respect of the provision for Financial Services Compensation Scheme (FSCS)...

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Minster Pharmaceuticals narrows first-half loss

9:32am

Story provided by Business Financial Newswire...

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Cyprotex revenues in line with 2008

9:32am
Drug discovery technology and information company Cyprotex current trading revenues are expected to be in line with 2008.

It said conditions remain challenging and in Q4, normally the strongest quarter, it had experienced lower than expected demand in general and from its largest customer.

But it said new business enquiries during the quarter had been more buoyant and the company remains cash generative with cash in hand at 31 October of £1.98m against £1.72m at the end of June.

Story provided by Business Financial Newswire...

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